Treasury Regulations (26 C.F.R.)
26 CFR § 1.167(a)-2
Tangible property.
The depreciation allowance in the case of tangible property applies only to that part of the property which is subject to wear and tear, to decay or decline from natural causes, to exhaustion, and to obsolescence. The allowance does not apply to inventories or stock in trade, or to land apart from the improvements or physical development added to it. The allowance does not apply to natural resources which are subject to the allowance for depletion provided in section 611. No deduction for depreciation shall be allowed on automobiles or other vehicles used solely for pleasure, on a building used by the taxpayer solely as his residence, or on furniture or furnishings therein, personal effects, or clothing; but properties and costumes used exclusively in a business, such as a theatrical business, may be depreciated.
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In this part (40 sections)
- 1.165-4 · Decline in value of stock.
- 1.165-5 · Worthless securities.
- 1.165-6 · Farming losses.
- 1.165-7 · Casualty losses.
- 1.165-8 · Theft losses.
- 1.165-9 · Sale of residential property.
- 1.165-10 · Wagering losses.
- 1.165-11 · Election to take disaster loss deduction for preceding year.
- 1.165-12 · Denial of deduction for losses on registration-required…
- 1.166-1 · Bad debts.
- 1.166-2 · Evidence of worthlessness.
- 1.166-3 · Partial or total worthlessness.
- 1.166-4 · Reserve for bad debts.
- 1.166-5 · Nonbusiness debts.
- 1.166-6 · Sale of mortgaged or pledged property.
- 1.166-7 · Worthless bonds issued by an individual.
- 1.166-8 · Losses of guarantors, endorsers, and indemnitors incurred on…
- 1.166-9 · Losses of guarantors, endorsers, and indemnitors incurred, on…
- 1.166-10 · Reserve for guaranteed debt obligations.
- 1.167(a)-1 · Depreciation in general.
- 1.167(a)-2 · Tangible property.
- 1.167(a)-3 · Intangibles.
- 1.167(a)-4 · Leased property.
- 1.167(a)-5 · Apportionment of basis.
- 1.167(a)-5T · Application of section 1060 to section 167 (temporary).
- 1.167(a)-6 · Depreciation in special cases.
- 1.167(a)-7 · Accounting for depreciable property.
- 1.167(a)-8 · Retirements.
- 1.167(a)-9 · Obsolescence.
- 1.167(a)-10 · When depreciation deduction is allowable.
- 1.167(a)-11 · Depreciation based on class lives and asset depreciation…
- 1.167(a)-12 · Depreciation based on class lives for property first…
- 1.167(a)-13T · Certain elections for intangible property (temporary).
- 1.167(a)-14 · Treatment of certain intangible property excluded from…
- 1.167(b)-0 · Methods of computing depreciation.
- 1.167(b)-1 · Straight line method.
- 1.167(b)-2 · Declining balance method.
- 1.167(b)-3 · Sum of the years-digits method.
- 1.167(b)-4 · Other methods.
- 1.167(c)-1 · Limitations on methods of computing depreciation under…